Company registration number 05475431 (England and Wales)
CROFTON DESIGN SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
CROFTON DESIGN SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
CROFTON DESIGN SERVICES LIMITED (REGISTERED NUMBER: 05475431)
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,091
26,511
Current assets
Debtors
4
34,750
17,864
Cash at bank and in hand
23,666
53,107
58,416
70,971
Creditors: amounts falling due within one year
5
(45,979)
(54,390)
Net current assets
12,437
16,581
Total assets less current liabilities
34,528
43,092
Creditors: amounts falling due after more than one year
6
(27,224)
(31,563)
Provisions for liabilities
(1,997)
Net assets
5,307
11,529
Capital and reserves
Called up share capital
100
100
Capital redemption reserve
1
1
Profit and loss reserves
5,206
11,428
Total equity
5,307
11,529
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CROFTON DESIGN SERVICES LIMITED (REGISTERED NUMBER: 05475431)
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 March 2024
J Bale
Director
CROFTON DESIGN SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Crofton Design Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Rice Parade Fairway, Petts Wood, Kent, BR5 1EQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
15% on reducing balance
Plant and equipment
25% on reducing balance
Computers
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
CROFTON DESIGN SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 July 2022
39,182
6,295
23,724
69,201
Additions
1,392
1,392
Disposals
(1,932)
(1,932)
At 30 June 2023
39,182
6,295
23,184
68,661
Depreciation and impairment
At 1 July 2022
24,080
3,133
15,477
42,690
Depreciation charged in the year
2,265
791
2,217
5,273
Eliminated in respect of disposals
(1,393)
(1,393)
At 30 June 2023
26,345
3,924
16,301
46,570
Carrying amount
At 30 June 2023
12,837
2,371
6,883
22,091
At 30 June 2022
15,102
3,162
8,247
26,511
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
29,010
14,738
Other debtors
5,740
3,126
34,750
17,864
CROFTON DESIGN SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,261
4,000
Taxation and social security
36,238
48,966
Other creditors
5,480
1,424
45,979
54,390
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,224
31,563
7
Financial commitments, guarantees and contingent liabilities
As at the balance sheet date, the balance due on the bounce back loan was £31,485 (2022: £35,563).
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
The annual rent is subject to a 4% increase every 5 years. The lease will expire in December 2031.
2023
2022
£
£
137,280